FBN Holdings: ‘We are not aware of Otedola’s share acquisitions’

Following media reports that billionaire businessman, Femi Otedola has acquired a significant shareholding in the Nigeria’s oldest banking group, FBN Holdings, the company has reacted, saying it's not aware of such development.

In one of the reports, Otedola was said to have acquired more than five per cent equity stake in FBN Holdings

But in a statement signed by its Company Secretary, Seyi Kosoko, and filed with the Nigerian Exchange Limited on Friday, October 22, 2021, FBN Holdings said it has not received any notification of such acquisitions.

The statement reads, “The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc.

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.”

According to TheNation, checks with the Nigerian Exchange (NGX) indicated that Otedola has not formally filed required disclosure to initiate the market of his shareholdings status at the FBNH.